Question: Luis bought a new tie at the store when they were having a $20\%$ off sale. If the regular price of the tie was $$62$, how much did Luis pay with the discount?
Solution: First, find the amount of the discount by multiplying the original price of the of the item by the discount. $$62$ $\times$ $20\%$ $=$ Percent means "out of one hundred," so $20\%$ is equivalent to $\frac{20}{100}$ which is also equal to $20 \div 100$ $20 \div 100 = 0.20$ Multiply the discount you just converted into a decimal by the original price to find the amount of money saved. $0.20$ $\times$ $$62$ $ = $ $$12.40$ Subtract the discount you just found from the original price to get the final price Luis paid. $$62$ $-$ $$12.40$ $ = $ $$49.60$ Luis paid $$49.60$ for the tie.